{"id":23413,"date":"2024-11-22T01:38:15","date_gmt":"2024-11-22T01:38:15","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=23413"},"modified":"2024-11-22T01:38:15","modified_gmt":"2024-11-22T01:38:15","slug":"crypto-mogul-causes-uproar-with-shocking-claim-yen-is-secured-by-captives","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/crypto-mogul-causes-uproar-with-shocking-claim-yen-is-secured-by-captives\/","title":{"rendered":"Crypto Mogul Causes Uproar with Shocking Claim: ‘Yen is Secured by Captives’"},"content":{"rendered":"\n

A prominent Japanese figure in the cryptocurrency space has addressed fellow citizens who view Bitcoin as a form of currency lacking intrinsic value.<\/p>\n

Koji Higashi, a notable entrepreneur in the crypto domain, stated that skeptics of Bitcoin overlook a significant point regarding the Japanese yen, which he claims is essentially \u201cbacked by hostages.\u201d<\/p>\n

<\/span>A Provocative Assertion<\/strong><\/span><\/h2>\n

Higashi suggested that the validity of the Japanese currency is tied to individuals he asserts are trapped within the economic system.<\/p>\n

According to Higashi, many Japanese share the sentiment that Bitcoin is not supported by tangible backing. However, he provocatively questions, \u201cWhat underpins the Japanese yen?\u201d<\/p>\n

\n

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\u65e5\u672c\u5186\u306e\u88cf\u3065\u3051\u306f\u751f\u6d3b\u304c\u82e6\u3057\u304f\u306a\u308a\u306a\u304c\u3089\u3082\u3001\u4f55\u3082\u8a00\u308f\u305a\u306b\u52e4\u52c9\u306b\u50cd\u3044\u3066\u7d0d\u7a0e\u3057\u3066\u5186\u3067\u8caf\u91d1\u3057\u3066\u304f\u308c\u308b\u65e5\u672c\u4eba\u3068\u3044\u3046\u4eba\u8cea\u3002<\/p>\n

\u305d\u3053\u307e\u3067\u8a00\u3063\u3066\u304f\u308c\u308c\u3070\u826f\u3057\u3002<\/p>\n

\u2014 Koji Higashi (@Coin_and_Peace) November 15, 2024<\/a><\/p>\n<\/blockquote>\n

The crypto leader pointed out that critics fail to recognize how fiat money is \u201cbacked by hostages\u201d, referring to hardworking Japanese individuals who, despite facing hardship, continue to labor diligently, pay taxes, and save in yen without protest.<\/p>\n

<\/span>Declining Living Standards<\/strong><\/span><\/h2>\n

Higashi’s views mirror the deteriorating quality of life experienced in Japan over recent years.<\/p>\n

He noted that retirees struggle with insufficient pensions, while the working populace faces low wages amid the challenges posed by a weak yen and rising inflation. He mentioned that many Japanese have fallen victim to an increasing tax burden driven by a burgeoning bureaucracy, which he claims is beginning to express discontent.<\/p>\n


\nConcerns of Political Influence on Crypto<\/strong><\/p>\n

Moreover, Higashi\u2019s remarks have sparked a debate regarding the potential political manipulation of cryptocurrencies, with some analysts considering his statements as a gateway into discussing the “state and corporate control of major cryptocurrencies.”<\/p>\n

Roger Ver, a well-known advocate for Bitcoin, has previously articulated concerns in his writings about BTC being \u201ctaken over by influential and vested interests.\u201d<\/p>\n

Some market watchers speculate that the recent surge in Bitcoin\u2019s price could be attributed to \u201cexaggerated market interest\u201d and the influence of the dollar-centric fiat economy, which Higashi also addressed.<\/p>\n

\"\"<\/p>\n

For instance, fellow Bitcoin supporter David Shattuck remarked that Tether, a well-known stablecoin, is \u201cunredeemable,\u201d suggesting that companies like MicroStrategy can indefinitely leverage it.<\/p>\n

Defenders of stablecoins argue that Tether is indeed \u201credeemable,\u201d yet it remains primarily influenced by US dollar holdings.<\/p>\n

Featured image from DALL-E, chart from TradingView<\/em><\/p>\n